I've been using the same version of Magic Lantern on my 60D for at least a year, and I've been getting good use out of it to create videos for various performance purposes. I use adobe software for video editing, and I've never really been unhappy with the quality I get straight out of the camera - which is sufficient for most purposes. However in the excitement about the potential for RAW video on canons - particularly the 5Dmkiii - I decided to revisit the technical stuff and get myself slightly more up to date with dslr video.
It's incredibly fiddly for me installing magic lantern again, not to mention the cinestyle third part picture style from technicolor. Canon makes it even more difficult by not providing a download of their EOS utility software, so you have to trick it if you don't happen to have a CD with you. I use 64gb SD cards, which you can't actually install magic lantern with. Anyway, I went through all the stuff - I might write a tutorial on it soon since I must have used a combination of about five different ones to work out how to do everything. The effect is to get an unsharp, unsaturated, low contrast horrible-looking video file. Sounds good? It turns out it actually is. It's much easier to put these things back in afterwards - even without using after effects it's quite simple and there are some readily available presets to readjust the contrast for this particular setup. I'll go into more details about this once I'm confident that I'm going about it the right way. In the meantime here's a very short test of how the quality holds up on youtube. I'm sure I haven't compressed it optimally, but it shows it's very easy to bring the contrast and saturation back in. I tried adding an unsharp mask as well as a slightly warm tint.